Customer value can be understood as a metric of how a customer perceives a product after considering its cost, quality and the value it adds through its service. The concept of customer value can thus have quite an abstract representation because how a product satisfies a person can be subjective. For instance, the emotional value of a product can far outweigh the cost of it expressed in rupees.
Maintaining customer value consistently can be a challenge for any company. The reason for this is that several competitive brands offer themselves to a ready market at the drop of a hat.
Therefore, to survive in a highly competitive market economy, you need to form strong customer relationships. To achieve such a feat, Atidiv’s customer experience services are a godsend.
Let us now try to gain a good understanding of how customer value can be measured and constantly improved.
What Decides Good Customer Value?
For the record, 56% of consumers are dissatisfied with after-sales interaction, mentioning that they needed to repeat the issue they faced with different executives. Therefore, the scope for improvement in building customer value is immense. The present customer value of a company can be gauged by doing the following:
- Running surveys: Asking the customers small but important questions about the quality of your products and their experience with them can be illuminating. It is also important to figure out the best platform to run this survey on – whether it is emails, online forms or on calls.
- Assigning value to your service: Customer value can be best understood along with its scope for improvement if you judge your current services based on how customers rate them. Customers can be prompted to rate your services on a scale of 1-5, with 5 being the highest level of satisfaction.
- Determine the overall value of your customer service: The project of growing customer value can be well accomplished if you understand the current value of your products to customers. Through easy-to-answer questions, try to determine if the quality, availability, brand and social values, and other variables are commensurable with the cost of the product.
Before we learn how to increase a company’s customer value, it is important to know what the current status of it is. To ascertain customer value, you need to subtract the total customer costs from the total customer benefits. Since benefits are qualitative, and do not have an objective value, it is important to assign one to it with the help of the methods mentioned above.
What Should Be Done to Increase Customer Value?
You will be pleasantly surprised to know that small but crucial things work towards growing customer value.
- Personalising your interactions: Everyone wants to be treated well and made to feel special. Thus, empathetically lending your ear to your customer’s woes can gain you a lifetime’s worth of loyalty. Furthermore, accessing data on past interactions with the customer and suggesting products that align more closely with their requirements make them feel valued. You can do all of that and more with Atidiv’s customer support services.
- Provide more options: Customers need to feel comfortable when they interact with customer support and that can be enhanced by your increased availability. Therefore, having multiple channels of communication, including chats and calls can make it more convenient for the customer, building better customer value for the company.
- Customer onboarding: You must ensure that the customer feels catered to as far as learning the usage of the product is concerned. You must assign experienced customer success executives who are well-acquainted with the product to deal with customers. Excellent communication is required at this stage to reassure the customer.
- Prioritising customer success: It really leaves a mark on the customer if the customer success executive can anticipate issues pertaining to the product and apprise them about it. This simple trick is a genius marketing strategy because once you assure the customer that you are in control of the situation, it then becomes easy to sell related products to them or even upsell the same product.
- Constantly upgrade: Try to find a pattern to previous customer dissatisfaction issues with customer support, and find out what is going wrong. It is also important to empower the customer with self-assistance tools like a useful FAQ section, an easily accessible help centre, and AI assistance. The last one is a two-edged sword – while it can help customers optimally, 57% of customers are worried about the unethical use of AI by companies.
- Surprise the customer: Everyone likes a pleasant surprise. Do not miss an opportunity to reward the customer with free gifts and discount coupons to give them the feeling that they derived a better value from the purchase of your products. This strategy is a masterful one in growing customer value.
Thus, to address all these factors, build a good CRM, and provide the customers with a smooth after-sales service to enhance your customer value, choose Atidiv’s today.
FAQs On Customer Value
1. What is customer value and how is it created?
Customer value, essentially, is the value of the solution that your product provides to the customers. However, this value is different for different customers, which is natural because customer satisfaction levels vary.
2. What does a customer look for in a product?
Customers have different viewpoints of looking at the value of a product. Whether the cost of the product is worth the value it creates in their life is an important point for the customer. The ease of using the product also plays a significant role in the customer’s perception of the product.
3. What are the different types of customer value?
Customer value can be categorised into four types – functional, monetary, psychological and social. Therefore, building customer value requires paying good attention to these aspects and working towards continuous improvement.
4. What is a customer loyalty program?
A customer loyalty program is a company initiative to reward a customer for repeat purchases. Doing this helps build a good relationship with the customer and paves the way for future purchases.
5. Are cold calls worth the effort?
Absolutely. Data shows that 44% of customer success executives do not go beyond a single sales follow-up, but 80% of successfully closed deals require no fewer than five follow-ups.
